Arabian Contracting Services Co. (Al Arabia) reported a net profit of SAR 148.10 million in H1 2024, falling 16% from SAR 175.9 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 606.68 | 813.14 | 34.0 % |
| Gross Income | 285.79 | 345.71 | 21.0 % |
| Operating Income | 226.60 | 257.17 | 13.5 % |
| Net Income | 175.86 | 148.15 | (15.8 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 3.52 | 2.96 | (15.8 %) |
This was due to higher operating expenses on the operation of the advertising spaces at King Khalid International Airport, in addition to the financial impact of the full acquisition of Faden Media Co. The company also cited a 155% surge in financing costs compared with H1 2023.
However, revenues from both outdoor and indoor advertisements segments leapt by 32% and 93%, respectively.
Also, the continuation of digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums contributed to expanding advertising spaces and increasing the capacity to accommodate a larger space of campaigns and advertisers.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 294.32 | 374.06 | 27.1 % |
| Gross Income | 142.23 | 142.17 | 0.0 % |
| Operating Income | 111.88 | 98.21 | (12.2 %) |
| Net Income | 85.04 | 47.32 | (44.4 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.70 | 0.95 | (44.4 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 439.07 | 374.06 | (14.8 %) |
| Gross Income | 203.54 | 142.17 | (30.2 %) |
| Operating Income | 158.96 | 98.21 | (38.2 %) |
| Net Income | 100.82 | 47.32 | (53.1 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 2.02 | 0.95 | (53.1 %) |
Meanwhile, Q2 2024 net profit amounted to SAR 47.3 million, down 44% from SAR 85.04 million in the year-ago period.
Sequentially, the second-quarter profit dropped by 53.1% from SAR 100.82 million.
Shareholders’ equity, after minority interest, leapt to SAR 1.25 billion by the end of H1 2024, from SAR 971.6 million in the prior-year period.
| Company | Estimated | Actual | Change |
|---|---|---|---|
| CENOMI RETAIL | (1.00) | 81.00 | 8,200.0 % |
| MIS | 19.43 | 43.00 | 121.3 % |
| MAADEN | 826.50 | 1,024.02 | 23.9 % |
| BINDAWOOD | 64.50 | 72.65 | 12.6 % |
| SPIMACO | 36.00 | 34.00 | (5.6 %) |
| ALARABIA | 90.43 | 47.32 | (47.7 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| CENOMI RETAIL | (1.00) | 81.00 | 8,200.0 % |
| MIS | 19.43 | 43.00 | 121.3 % |
| MAADEN | 826.50 | 1,024.02 | 23.9 % |
| BINDAWOOD | 64.50 | 72.65 | 12.6 % |
| TANMIAH | 23.00 | 24.00 | 4.3 % |
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